SteelMint: Raipur billet index slips on limited enquiries - 5 Feb

SteelMint's daily steel billet index is assessed at INR 48,650/tonne (t) (-INR 50) exw-Raipur on 5 Feb'22.

About 3,600 t of transactions in billets were recorded by SteelMint today against 2,700 t on 4 Jan.

The index fell slightly on account of limited demand and poor enquiries for finished steel products. Bids continued to remain low, resulting in a decline in prices.

Rationale -

This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.

• Transactions (T1) - Six trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which three trades were recorded at INR 48,600/t, two deals at INR 48,700/t, and one deal at INR 48,800/t. The average price of these six transactions was INR 48,619/t and given a 50% weightage in the final price calculation.
  
  
• Other Price Indicators - bids/offers/indicative (T2) - Nine offers reported in the trading window and considered as T2 inputs. The average price of these nine was INR 48,729/t and given a 50% weightage in the final price calculation.
  
  

The final price for billet exw Raipur was at INR 48,674/t, rounded to INR 48,650/t exw.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology